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Non-Tech : Datek Brokerage $9.95 a trade
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To: RockyBalboa who wrote (9579)8/30/1998 4:39:00 PM
From: Mama Bear  Read Replies (1) of 16892
 
"An urgent question: Under certain circumstances, Datek System issues "Order timed out". How come? I have seen this on friday at 15:50 ET. I entered a marketable short sell of 500 shares. A limit order with limit at the bid. I sold 100 shares which is a nuisance. "

I called Datek and asked about this once. The explanation given was that the stock downticked, and the order was cancelled. Once it occured on a market order, so I find the explanation unreliable. If the market order can't be executed on the dt, it simply waits for an ut. On the limit order, the explanation is also unsatisfactory. There is no reason to cancel the order on a Nasdaq stock if the bid downticks. The Nasdaq uptick rule allows for an execution of a shortsell as long as the price is 1/16 above the inside bid, if the inside bid is a downtick.

Barb
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